By Adriano Marchese
Calfrac Well Services Ltd. said Thursday it has increased its line of credit to C $ 250 million, or approximately US $ 197.3 million, as well as its capital budget as it seeks to expand its operations in North America.
The Canadian oil services company said it had performed the accordion function of its syndicated loan for an increase from C $ 25 million to C $ 205 million.
With the operating facility of C $ 45 million, the company’s liquidity capacity is now C $ 250 million, he said.
Additionally, Calfrac said it approved a 15% increase in its capital budget for 2021 to C $ 70 million as it seeks to support the growth of its operations in North America during this year and beyond. ‘next year.
“The increase in our credit facilities provides additional financial flexibility to advance our strategy in the context of an improving business environment, while the increase in our investment program will ensure that the company’s fleet is maintained to our high standards and positions Calfrac to take advantage of the increased activity forecast for 2022, ”said CFO Mike Olinek.
Write to Adriano Marchese at [email protected]